Greenwood Homeowners Insurance

  • Homeowner
  • /
  • Greenwood Homeowners Insurance

Greenwood, South Carolina is nestled among the towering South Carolina pines and located nearly directly between the trifecta of city life in Greenville, Columbia and Augusta. The town boasts a healthy population in the 20,000s and the beautiful campus of Lander University.

Given its western location in the Palmetto State, Greenwood doesn’t face the looming direct threat of hurricanes as its coastline counterparts. But tornadoes, hail and water damage are imminent. That’s why all residents need to invest in homeowners insurance.

Since the threat of heavy-weather hurricanes isn’t as prominent in Greenwood, that mitigation reflects in the average cost of homeowners insurance in Greenwood. It’s much more affordable than South Carolina’s coastal cities, and even a tad bit cheaper than the larger cities surrounding it. Let’s take a deep dive into what you can expect to pay for premiums.

How Much Is Homeowners Insurance in Greenwood, South Carolina?

The average cost of homeowners insurance in Greenwood is about $1,505 for a $200,000 house and $2,379 for a $350,000 house. That’s right on par with the price of a standard policy in South Carolina, and much more affordable than those hurricane-prone cities along the coastline.

Every insurance company that writes more than $1 million in premiums is required to submit their prices to the South Carolina Department of Insurance. And we want to be as transparent as possible, and to help you end your search for affordable home insurance quicker.

So we compiled all the numbers, dissected them in a huge spreadsheet and aligned them neatly so you can get a better sense of what you can expect to pay. The numbers represent homes worth $200,000 and $350,000 that are made of either masonry (brick or concrete) or frame (wood).

To get the most accurate representation of numbers, the averages we’ve compiled are also based on policyholders with average credit and who haven’t filed a home insurance claim in at least 5 years. Let’s take a deeper dive into those numbers.

Average Cost for Homeowners Insurance in Greenwood, South Carolina for a $200,000 House


Allstate$2,367
Foremost$5,763
Nationwide$1,552
State Farm$1,552
Travelers$934
UPCIC$667
Average$1,505

Average Cost for Homeowners Insurance in Greenwood, South Carolina for a $350,000 House


Allstate$3,246
Foremost$11,141
Nationwide$2,479
State Farm$2,042
Travelers$1,429
UPCIC$1,149
Average$2,379

Key Factors to Consider in Premium Pricing

The rates in this article are from the South Carolina Department of Insurance​. They reflect actual prices from insurers that write at least $1 million in premiums in the state. However, they don’t reflect policy discounts or other variations in price that may apply to your particular policy.

Claims History

The average rates were factored by utilizing data from policyholders who haven’t filed a home insurance claim in the last five years. Insurers believe a policyholder who has filed a claim is more likely to file another in the future, which poses an increased financial risk for them. So your premiums may be higher than these averages if you’ve recently filed a claim.

Credit Rating

Your credit rating is an aggregate of your outstanding debts and payment history. Insurers in most states use it as an indicator of your ability to pay your premiums on time. If you have a bad credit score (less than 600), you’ll likely pay higher premiums than someone with a fair credit score (600 to 700) or a good credit score (700+). The average rates were determined by using a fair credit score rating.

Home Construction Type

The two most common types of home construction are frame and masonry. Frame homes are built with wood, while masonry homes are made of brick or concrete. Generally, premiums on masonry homes are lower because they can withstand the elements better, even though they may have a higher replacement cost.

Greenwood Home Insurance Costs for a $200,000 House

As you can see from above (and below once you get there), the most affordable homeowners insurance in Greenville, South Carolina comes from Universal Property & Casualty (UPCIC) and Travelers — two of our amazing partners. Both companies come in at less than $1,000 in premiums per year. And, depending on the year and construction type of your home, you could pay much less.

Masonry homes are less susceptible to sustaining damage because the brick or concrete holds up better to harsh weather. And homes that were built less than 35 years ago may have stricter building codes in place, and assuredly have newer HVAC, plumbing and electrical systems.

So homeowners who fall in that sweet spot category can expect to pay, on average, $580 for a policy from UPCIC and $820 for a policy from Travelers — more than 50% less than what you can expect to pay from any other major insurer in the town. Let’s take a deeper look at a breakdown of the average prices.

Average Homeowners Insurance Premiums for a $200,000 House (1-34 Years Old)

Company

Allstate
Foremost
Nationwide
State Farm
Travelers
UPCIC
Average

Frame

$2,003
$6,166
$1,417
$1,554
$885
$662
$1,432

Masonry

$1,887
$5,359
$1,170
$1,395
$820
$580
$1,308

Average

$1,945
$5,763
$1,294
$1,474
$852
$621
$1,370

Average Homeowners Insurance Premiums for a $200,000 House (35+ Years Old)

Company

Allstate
Foremost
Nationwide
State Farm
Travelers
UPCIC
Average

Frame

$2,830
$6,166
$2,003
$1,717
$1,041
$760
$1,715

Masonry

$2,750
$5,359
$1,616
$1,541
$989
$666
$1,567

Average

$2,790
$5,763
$1,810
$1,629
$1,015
$713
$1,641

Greenwood Home Insurance Costs for a $350,000 House

In comparison, prices are just as affordable for $350,000 houses in Greenwood as they are for $200,000 homes. And the leaders in the town are still UPCIC and Travelers, tipping the scale at an average price of $1,069 and $1,310 for homes that are less than 35 years old or $1,230 and $1,549 for homes that were constructed more than 35 years ago.

Homes constructed more than 35 years ago are more expensive to insure because of the inherent risk that major systems in the home may be outdated. They’re also more susceptible to damage from windstorms and other natural disasters due to wear and tear over time.

But even if you fall into that category of homeowners with a house that’s more than 35 years old, that doesn’t mean you’ll pay an arm and a leg for homeowners insurance. Just take a look at the extensive breakdown of premium prices we compiled.

Average Homeowners Insurance Premiums for a $350,000 House (1-34 Years Old)

Company

Allstate
Foremost
Nationwide
State Farm
Travelers
UPCIC
Average

Frame

$2,787
$11,923
$2,254
$2,046
$1,360
$1,139
$2,287

Masonry

$2,593
$10,358
$1,862
$1,835
$1,261
$998
$2,079

Average

$2,690
$11,141
$2,058
$1,940
$1,310
$1,069
$2,183

Average Homeowners Insurance Premiums for a $350,000 House (35+ Years Old)

Company

Allstate
Foremost
Nationwide
State Farm
Travelers
UPCIC
Average

Frame

$3,960
$11,923
$3,202
$2,259
$1,616
$1,312
$2,710

Masonry

$3,643
$10,358
$2,599
$2,027
$1,482
$1,148
$2,441

Average

$3,801
$11,141
$2,900
$2,143
$1,549
$1,230
$2,576

It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

What Does Homeowners Insurance in Greenwood, South Carolina Cover?

Greenwood home insurance covers your house, property, belongings and finances from a multitude of perils that can cause damage. While the most common perils include fire, water and natural disasters, they can also be things like dog bites and accidental damage caused by you to someone else’s property. Let’s take a look at the things that are covered from those perils.

Dwelling: This is the structure of your home, including things that are built into it or attached to it and deemed necessary. Dwelling coverage extends to things like your home’s roof, the windows, doors, flooring, hot water heater and also the major systems in your home, like the air conditioning unit, HVAC system and electrical wiring.

Other Structures: Other structures coverage is responsible for protecting structures on your property that aren’t connected to your house. These are things like a fence, detached garage, carport and sheds.

Your maximum per claim of other structure coverage is usually 10% of the total dwelling coverage amount. So homeowners with $250,000 in dwelling coverage will have $25,000 worth of coverage to protect other structures on the property.

Personal Property: Personal property coverage applies to all your personal belongings like furniture, electronics, lawnmowers, clothing, jewelry and collectibles. However, jewelry, collectibles and other abstract items or high-value items need to be scheduled onto your policy to ensure they’re protected for their full amount.

Loss of Use: Loss of use coverage protects you if your home is damaged and you must temporarily move out while it’s being repaired. It can reimburse you for living expenses you wouldn’t have otherwise incurred, such as a rental home of equivalent value, storage fees, pet boarding, extra gas money and tolls.

Liability: Liability coverage is designed to help cover medical bills and legal fees if someone is injured on your property and you’re found liable, damage you cause to another home, or if your dog bites someone on or off the property.

Things like a tree falling from your yard onto your neighbor’s roof can be covered. As can incidents like your dog biting someone off your property. Coverage typically comes standard at $250,000 per claim, but high-net-worth individuals are encouraged to purchase supplementary umbrella coverage to extend their maximums.

Medical Payments: Medical payments coverage helps pay for minor medical bills if someone is injured on your property, and it doesn’t matter whether you’re at fault or not.

How Are Rates for Home Insurance in Greenwood Influenced?

There are many factors that influence and affect the average cost of homeowners insurance in Greenwood, South Carolina. But some of the most prominent are the ones used to determine the average premiums in this article: age of home, number of claims in the last 5 years and the construction type.

A few other factors that can lead to rate increases or decreases are the amount of coverage you enroll in and the deductible you choose. The more you increase your coverage, the more you’ll be covered for and the more expensive it will be to obtain coverage.

Deductibles work in an adverse reaction, though. If you increase your deductible, which is the amount of money you’re required to pay out of pocket for a claim before your insurance kicks in, you’ll pay less for insurance because you’ll pay more out of pocket if you file a claim. If you decrease your deductible, your insurer will factor in the risk of having to pay more for a claim, so you’ll pay more in premiums.

How to Get a Quote for Homeowners Insurance in Greenwood, South Carolina

With Clovered’s easy-to-use online quoting tool, getting a home insurance quote takes just a few minutes. Just fill in a few details about your home, answer a couple of questions and let our quoting engine do the rest.We’re always here to help. If you’d rather speak to a licensed agent on the phone, just call 833-255-4117 Monday through Friday from 8:30 a.m. to 6 p.m. Or you can email us anytime at agent@clovered.com.

It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

The Importance of Flood Insurance in Greenwood

Due to South Carolina’s lowland elevation and abundance of water, including the Hard Labor Creek and Brightman’s Creek that run through Greenwood, the risk of flooding is major. That’s why every homeowner needs to invest in a South Carolina flood insurance policy.

The majority of Greenwood lies in the A and AE flood zones, which means nearly every home in the entire town is at a high risk of sustaining flood damage at least once during the life of their mortgage. Since the average flood claim causes $25,000 worth of damage, it’s better to invest a few hundred dollars a year into a flood insurance policy to help you when you need it.

Stay Above Water With Flood Insurance

Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?

Homeowners
It's Time to Switch Your Homeowners Insurance

We partner with the nation's top homeowners insurance companies so you can get a custom policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

Scroll back to Top